Frisco-based Public Storage, the largest owner of self-storage facilities, has agreed to acquire Public Storage Canada (PS Canada) in a deal valued at around $1.2 billion.

The PS Canada platform was built by industry visionary and Public Storage founder Wayne Hughes and has been independently owned and operated by the Hughes family under the Public Storage brand for decades. The acquisition is expected to expand Public Storage’s platform in major Canadian markets with long-term growth driven by high household incomes, strong relative population growth, and low supply per capita compared to the U.S., Public Storage said.

“The acquisition of PS Canada represents a strategic opportunity to expand the Public Storage platform into major Canadian markets with attractive long-term fundamentals,” CEO Tom Boyle said in a statement.

“This portfolio includes high-quality real estate in key markets, carries the Public Storage brand, and offers meaningful upside through our PS Next operating platform,” Boyle added. “Together with our previously announced National Storage Affiliates Trust transaction, this acquisition demonstrates the momentum of our value creation engine and the opportunity to deploy capital into highly strategic external growth opportunities.”

Public Storage is having a busy year. In February, the company relocated its headquarters from Glendale, California, to Frisco. Then in March, the storage giant closed a big deal, acquiring National Storage Affiliates for $10.5 billion.

More on the deal

Under the terms of the deal, Public Storage’s operating partnership of Public Storage Operating Company (PSOC) and Public Storage OP will pay approximately $1.2 billion at closing, consisting of approximately $889 million of Public Storage OP units (2.76 million OPUs, valuing each such unit at $321.98 per unit) and approximately $310 million in cash, subject to customary purchase price adjustments. The transaction will also include an opportunity for the sellers to receive earn-out consideration of up to $288 million in Public Storage OP units priced at $375 per unit, contingent on the achievement of certain Net Operating Income performance targets.

The transaction was entered into with Tamara Hughes Gustavson and family pursuant to the company’s existing Right-of-First-Offer and Right-of-First-Refusal, providing what Public Storage called “attractive pricing due to off-market purchase.”

“We’re grateful to Tamara Hughes Gustavson and family for the opportunity to acquire this exceptional portfolio, which was thoughtfully built and operated for many decades,” Boyle said. “We are humbled by their continued confidence in the company through a meaningful further investment as part of this transaction.”

The portfolio consists of 68 properties totaling 5.3M square feet. PS Canada had Q1 2026 same-store occupancy of 83.1% with same store rents of $23.24 (USD) per occupied square foot. The portfolio is located in the key Canadian markets of Toronto, Vancouver, Montreal, Calgary, and Ottawa. 

Storage giant getting bigger

As of March 31, 2026, Public Storage, a member of the S&P 500, owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand.

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